SPY vs VKI: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Invesco Advantage Municipal Income Trust II (VKI) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and VKI?
On 3 years of weekly data the SPY/VKI correlation comes out at 0.33, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.48 versus 0.33 over 3 years. The 5-year figure is 0.42, and annualized covariance runs at 66.7 %².
Among the 4755 assets we track against SPY, VKI ranks #1920 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +15.7% for VKI.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
SPY vs VKI: side by side
| SPY (SPDR S&P 500 ETF Trust) | VKI (Invesco Advantage Municipal Income Trust II) | |
|---|---|---|
| 1-year return | +20.6% | +15.7% |
| 5-year return | +82.4% | -5.1% |
| Volatility (ann.) | 14.5% | 13.9% |
| Beta vs S&P 500 | 1.00 | 0.32 |
| Max drawdown (3Y) | -18.8% | -12.4% |
| Market cap | – | $0.4B |
| P/E (trailing) | – | 35.6 |
| Dividend yield | 1.01% | 7.50% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | VKI |
|---|---|---|
| 2022 | -18.2% | -25.5% |
| 2023 | +26.2% | +3.1% |
| 2024 | +24.9% | +10.2% |
| 2025 | +17.7% | +12.8% |
| 2026 | +13.7% | +2.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and VKI good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and VKI?
The SPY/VKI correlation stands at 0.33 on a 3-year window (1 year: 0.48, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is VKI a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-vki.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-vki/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · VKI correlations
